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We found 2,062 results for "Accounting and Financial Planning for Law Firms"...

Option Backdating
September 27, 2006
This is not an easy time to be in the general counsel's office of a public company. The investigations into stock options backdating tend to reach into various parts of the organization, often simultaneously. Some practical rules of the road are in order, to allow the general counsel's office to spot and address the relevant issues in an appropriate, cost-effective manner.
Trenwick America
September 27, 2006
The September Issue of this newsletter discussed the Delaware Bankruptcy Court's recent decision, In re Scott Acquisition Corp., 2006 WL 1732277 (Bankr. D. Del. 2006), which ruled that directors and officers of insolvent subsidiary companies owe fiduciary duties to both its creditors and the subsidiary itself. Hot on the heels of that decision, the Delaware Chancery Court, Vice-Chancellor Leo E. Strine presiding, has again waded into the breach of fiduciary duty and zone of insolvency arena with its decision in <i>Trenwick America Litigation Trust v. Ernst &amp; Young, L.L.P., et al.</i>
Internet Voting Waiting to Bloom
September 01, 2006
Two years ago, the Pentagon was poised to have 100,000 members of the military stationed overseas vote in federal elections over the Internet. The government canceled the plan, however, after it grew concerned it would not be possible to prevent hackers from affecting the results, that it could not examine the privately owned proprietary software that was to be used, and that there would not be a database of those who voted that it could check after the election. Nonetheless, online voting seems to be slowly gaining in popularity.
The Stock Option Grant Issue
August 31, 2006
Just as everyone involved with executive compensation matters was settling in to address the impact of the new accounting rules under FAS 123R, the requirements of the stock exchanges, the deferred compensation rules under Internal Revenue Code (IRC) section 409A, the new Securities Exchange Commission's (SEC) proxy rules and the proper balance between adequate executive compensation and good governance, a new jolt came into play in the executive compensation arena.
Basics Revisited: Making the Transition to E-billing
August 31, 2006
How to submit invoices electronically over the Internet.
Law Firms Look At Closing Pay Systems
August 31, 2006
Unlike the vast majority of businesses in the United States, law firms generally operate under open systems that disclose the compensation of individual attorneys. The closed systems at Jones Day and Greenberg Traurig are major exceptions. But some observers say that law firms are moving toward closed systems as they function more like businesses and less like true partnerships.
Eight Steps for Boosting Associate and Lateral Retention
August 31, 2006
Attorney attrition is expensive. Replacing departing colleagues means not only recruiting and hiring strong candidates, but also investing in training for the new hires. Cost estimates for replacing an associate are typically between 100% and 200% of the associate's annual salary. The soft costs ' lost institutional knowledge and potential morale problems ' may be even greater. And attorneys who leave with bad feelings about the firm can spread their ill will in the local legal community, or try to lure others to follow. A mass exodus, of course, can cripple a firm.
Total Staff Training in Legal Ethics
August 31, 2006
Legal ethics training has traditionally focused on attorneys. Law school training and continuing legal education are staples of the professional development require-ments for lawyers. Ethical training must be widened, however, due to tremendous growth in the num-ber of law office support personnel, the complexity of practicing in a multi-jurisdictional environment, and the ever-changing use of technology. Failure to implement an office-wide ethics plan with training for all employees can have practical and financial repercussions for lawyers.
The Prudent Investor Rule
August 31, 2006
The Prudent Investor Rule sets forth the basic rules governing the conduct of fiduciaries in the management of trust assets. While the legal standards for investment fiduciaries can be traced as far back as an 1830 Massachusetts court case creating the redecessor 'Prudent Man' standard, the Prudent Investor Rule is of much more recent origin.
Supreme Court Denies Priority Status for Unpaid Workers' Compensation Premiums
August 31, 2006
In a recent decision, the U.S. Supreme Court clarified an issue important to workers' compensation insurers and held that pre-petition unpaid workers' compensation premiums are not entitled to priority status under the Bankruptcy Code. <i>Howard Delivery Service, Inc., et. al. v. Zurich American Insurance Co.</i>, 126 S. Ct. 2105 (2006). This decision forecloses any disagreement among the Circuit Courts that unpaid workers' compensation premiums are entitled to priority status in a bankruptcy proceeding. In light of <i>Howard</i>, such claims are now considered merely general unsecured claims. Had the Supreme Court afforded priority status to such claims, they would have been paid prior to the claims of general unsecured creditors. Generally, priority expense claims receive a significant, if not 100% distribution, as opposed to general unsecured claims, which, in many circumstances, receive only pennies on the dollar. In a decision delivered by Justice Ruth Bader Ginsberg, joined by five other justices (Chief Justice John Roberts, Jr. and Justices John Paul Stevens, Antonin Scalia, Clarence Thomas, and Stephen Breyer), the Supreme Court's ruling not only brings consistency to this issue, but also provides opportunities for workers' compensation insurers to avoid forfeiture of payment of their premiums by financially troubled insureds.

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